HOUSING UPDATE
If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graphbelow):
Source: INMAN
Butthere’salsoagoodchanceyou,likemanyotherpeople,havebeenholding off on that goal because of recent market challenges It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move But there’s good news: now’s actually a great time to make that move happen Here’s why
YouHaveaLotofEquityToLeverage
One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years Even with recent shifts in the housing market, national home prices have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at CoreLogic, explainsitwell:
“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000morethanattheonsetofthepandemic”
If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today.
What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range
Thiscanmakeupgradingmoreachievablethanyoumightthink If you’re curious how much you’ve built up over the years, ask your realestateagentforaprofessionalequityassessment
Mortgage Rates Have Fallen, Boosting Your Purchasing Power
And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down Lower rates can helpmakeyourfuturemonthlypaymentsmoremanageable,and they also increase your purchasing power. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the NationalAssociationofRealtors(NAR),pointsout:
“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makesiteasierformoreborrowersto qualifyformortgages thatmayhavebeenunaffordableathigherrates”
That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach A trusted lender can work with you to figureoutthebestplanforyourbudget
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Real-time loan updates to our clients and business partners
Make Your Kitchen Look More
Expensive with These 7 Designer Tips
Luxury doesn't always mean spending big bucks. With these designer-approved tips and tricks, anyone can have an upscale kitchen that looks so much more pricey than it is Creativity and elbow grease combined with a few thoughtfully purchased features can give you the same elevated and luxe appearance as your dream kitchen (at a fraction of the cost)
1. Under-Cabinet Lighting
Get the high-end appearance of hardwired under-cabinet lighting without the price tag Mina Lisanin, interior designer and founder of ML Interiors, says that a less expensive lookalike will provide the same functional task lighting and layer of ambience as its more expensive counterpart "You can use simple batterypowered peel-and-stick lights from Amazon as a cheap alternative for undercabinet lighting. Bonus tip: You can purchase motion sensor battery-powered lights on Amazon and place them in your drawers for an expensive look on a budget," Lisanin says
High-Quality Hardware 3. Oversized Light Fixtures
If you can't change your cabinetry or other expensive kitchen features, Paulina Hospod, interior designer and president of AhA!nteriors, recommends replacing your hardware with a high-quality version (specifically from designer trade stores) To elevate basic cabinetry even more, she recommends choosing unique door pulls like half circles and installing them in fun ways.
Draw the attention away from the less-lovable parts of your kitchen with an eyecatching oversized light fixture Choose one that reflects the existing style of your kitchen but maybe is a little more funky than what you normally lean towards Unique light fixtures exude elegance, and one that is oversized can trick your guests into thinking it's much more expensive than it actually is.
4. Open Shelving
Controversial to some, open shelving is a go-to way to make your kitchen more costly. It does require some demo and DIY skills, but removing ex cabinetry to install open shelves can make a big difference for little cost. " shelves can create an airy, spacious feel and provide an opportunity to di stylish dishware, cookbooks, and decorative items I love to layer framed art open shelf For a polished look, use high-quality wood or metal brackets," Li says
5. Crown Molding
A minor feature that can make a big impact is crown molding. Lisanin ad homeowners to consider adding crown molding to the top of their cabinets more custom built-in appearance Whether the cabinetry goes to the top o ceiling or not, crown molding can be applied
6. Spend More on Areas That Require Less
If there's not a lot of room left in your kitchen renovation budget and you're deciding where it should be used, Hospod suggests spending it on a specific area that requires a low quantity of material For example, if your backsplash is small, you might choose a more expensive tile there and an affordable one on something like the floor. Invest in the feature that will draw the most attention for the best price
7.
Remove Clutter
Something that most high-end kitchen photos have in common being clutterfree Keep your countertops tidy so things like the backsplash and countertops can shine rather than unsightly objects. "An organized, clutter-free kitchen always looks more expensive. Use stylish storage solutions to keep countertops clean and tidy," Lisanin says
LOVE SEASONAL DECOR BUT HATE TACKINESS? HOW TO MAKE IT
Decorating your home is a great way to celebrate a new season Whether it’s pumpkins and skeletons for Halloween, or Santa and snowmen for Christmas, these themed decorations can help your family and guests embrace the holiday spirit But over-the-top decorations can come off as childish and gimmicky rather than stylish and fun. Here are five tips on thoughtfully decorating for end-of-year celebrations without being too kitschy
1
Use Seasonal Scents
A good candle goes a long way to heighten a home’s atmosphere Candles and aromas add a novel sensory layer to decorating that embraces the holiday season without the need for kitschy items “Candles are another way to change the seasons,” says Monelle Totah, Co-Founder of Hudson Grace Adding black, natural amber, or green candles around the home can transform a space for the fall or winter seasons in a simple and understated way
2 Add Pops of Colors and Hints of Patterns
Instead of going all-out on kitschy prints and fake iconography, try color pairings “I find balance by decorating with hints of holiday color and festive themes,” says Amber Guyton, the interior designer behind Blessed Little Bungalow. “For example, my fall wreath is beige brown and sage with faux pumpkins and squash, versus a more blatant orange and brown wreath that screams fall " Plus, incorporating seasonal colors prevents decorations from becoming too kitschy Subtle patterns on items like tablecloths or blankets can also be a hit
3 Try Seasonal Greenery Both Indoors and Out
Natural elements like branches, gourds, fruits, and flowers aren’t often kitschy when done in moderation "I like to decorate my home with seasonal greenery, topiaries, and wreaths I love the smells and the natural feel," says Totah. Pumpkins and gourds, in all their colorful variations, are still timeless indoor or outdoor decorations to welcome the autumn season DIYing natural decorations can be affordable for those able to scavenge from nearby nature, but for others, it might be a bit more of an investment from a garden center
4 Don’t Bother With Bulky, Holiday-Specific Items
Unless you’re aiming to entertain bright-eyed children, bulky Santa statues aren’t going to be worth the trouble After all, he’ll be stuck in storage for 11 months of the year, gathering dust “I'd recommend staying away from things that are too trendy or character-based (elves, Grinch, etc ),” says Guyton Instead, shop for decor items that won’t go out of style and will stand the test of time. “I like to spend money on more ‘fun’ [tchotchkes] for the holidays, like themed place cards, painted candles, and other tablescape items that will be used rather than just taking up space and having to be stored when the holiday is over,” says Bass
5. Reuse and Repurpose
Single-use kitschy items don’t deliver the same value as versatile decorations that will last year-round “My big seasonal ‘no-no’ is purchasing excess items that you can't use the rest of the year and/or do not have storage for, especially if you live in an apartment like me,” says Bass Buy pieces that fit with fall or winter looks but aren’t overly seasonal These could be small items that can be reused or repurposed for another occasion “For example, if you're looking for a tablecloth for entertaining, I like a deep orange which I use in the spring as well, or an abstract floral pattern which can also be used in the spring, or just your classic white with beautiful embroidered details,” says Bass
Reusing and repurposing also costs less, as you won’t have to buy new decorations for every holiday Guyton invests in faux trees, garlands, wreaths, and other trinkets intentionally since they last longer Much of holiday decorating, though, comes down to personal preference
Keepsake kitsch can work, but if you’re buying items anew, go for evergreen and subtle choices that will last many holiday seasons.
BENJAMIN MOORE
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